The Monetary and Fiscal Policy Mix部分：举了个的The Fed的例子。例子中美联储加息定义为Tighten Monetary Policy. 但是前面说Fiscal Policy主要影响是的interest rate。那加息是不是理解成Loose fiscal policy更合适。是否可以具体讲下这个例子中，央行加息，所具体代表的货币政策和财政政策？以及为什么？

客户1对于UNO不操作的原因是：避免股价下跌而后悔吧？是不是讲义上写反了？

请问ppt哪里可以下载？

这里关于打包费，是不是说 如果交易费无法计算出，那么计算收益时，直接扣掉全部打包费，计net of fee 如果打包费可以计算出，那么计算收益时，才有可能计算出gross of fee

请教，财政政策和货币政策对收益率曲线的影响，这个收益率曲线是特指国债还是所有债权，为什么？

老师，请问书本226页第三十一题答案Scenario C: –0.02 + (–0.053) + (–0.794) = –0.867为什么不可以是Scenario C: 0.02 + (–0.053) -(–0.794) ？是不是绝对数值越大，sensitity越大？

老师，请问书本225页第二十四题答案 Due to covered interest arbi-trage, the relative attractiveness of bonds does not depend on the currency into which they are hedged for comparison. Hence, the ranking of bonds does not depend on the base currency of the portfolio.是什么意思？ . Inter- market trades should be assessed on the basis of returns hedged into a common currency. Doing so ensures that they are comparable. Neither local currency returns nor unhedged returns are comparable across markets because they involve different currency exposures/risks不太理解？ Over horizons most relevant for active bond management, the capital gains/losses arissing from yield movements generally dominate the income component of return (i.e., carry) and rolling down the curve怎么理解？

老师请问书本225页第二十三题答案. Intra- market carry trades typically do involve different maturities, but inter- market carry trades frequently do not, especially if the currency is not hedged.这里not hedged怎么理解？ if two curves are involved they need not have different slopes provided there is a difference in the level of yields between markets.是什么意思？ Inter- market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first- period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first- period” rate is the same in the two markets. If the cur-rency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate.这段不太明白是什么意思？

老师，请问能否详细讲解一下书本223页第二十题，不太理解是什么意思？

老师，请问书本222页第十九题，cordor structure中，long和short的所有节点money duration都相同的吗？那butterfly和曲线直线的呢？这道题和第十一题是不是一样？能否详细讲解一下这两道题是什么意思？有些不太清楚？